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Insurance Dictionary

Additional Clause

An agreed change in the terms of the Policy.

 


Burglary and theft or attempted theft

involving entry to or exit from the Building with violent and forcible means with visible signs of breaking with tools, explosive materials, electricity or other means at the place of entry or exit but not destruction, loss or damage

(i)occurring after the Building has been left Unoccupied/Not in Use for the period of more than 30 consequetive days.

(ii) caused by you, your Family or employees or any other person lawfully in the Building or which may have been expedited or in any way brought about by any such person
 

(iii) if any precaution as to the security of doors, windows and other means of entrance is in any way relaxed.

 

Booklet

The Preamble Clause, the Definitions, the applicable Sections as stated in the Schedule, the Claims Settlement, the General Conditions and the General Exceptions and the applicable Additional Clauses as stated in the Schedule.

 

Building

The building or part of the building, excluding the plot, situated at the address stated in the Schedule as "Location of Risk" and used in connection with the Type of Business/Trade stated in the Schedule and/or the Proposal. This includes the main building, garage, warehouses, boiler room, fixtures and fittings, wall-in furniture and appliances, plumbing and electrical installations, heating and air-conditioning installations. Building Improvements and Outdoor Areas are not included in the definition, unless referred to in the Proposal and/or the Schedule, under a separate sum insured.

Bush fire

Destruction, loss or damage directly or indirectly caused or arising from or due to fire, whether accidental or not, of grass, bush, trees, forests or depilation of land.

 

Claim

When you suffer a loss that’s covered by your insurance, such as an automobile accident, you submit a request to your auto insurance company to pay or reimburse you for expenses, damages and other financial obligations. By definition, that request is called a claim

 

Excess

The amount or percentage which is not covered and/or is deducted from the amount payable for each claim.

 

 

Furniture and Equipment

All movable furniture, equipment and articles directly connected with your Type of Business/Trade, including office electronic equipment, belonging to you which are contained in the Building described in the Schedule. Machinery and Tools or Articles in the Open are not included, unless referred to in the Proposal and/or the Schedule, under a separate sum insured.


Grace Period

The period of 60 days as from the inception date of the Period of Insurance stated in the Schedule

 


Insurer/Company/We/Us

The Progressive Insurance Co. Ltd.

 

Insured/You/Your

The person or legal entity stated in the Schedule.

 


Machinery and Tools

The machinery and tools, including electronic machines, their electrical and mechanical installations, belonging to you excluding Articles in the Open, unless referred to in the Proposal and/or the Schedule, under a separate sum insured.

 

Outdoor Areas

They include open sheds, kiosks, garages or other temporary structures, tents, surrounding walls, fences, gates, pools, courtyards,

 


Proposal

The document completed in accordance with your declarations and statements at the time of effecting the insurance, which shall be the basis of the Policy.

 

Policy

The Proposal, the Schedule and the Policy Booklet.

 

Period of Insurance

The period of time for which the insurance is provided under this Policy, as stated in the Schedule, and any further period for which the Policy is agreed to be renewed in writing and the premium is paid.

 


Real Value of the Building and Building Improvements

The cost of rebuilding the Building in the same way, size, style and appearance as if it were new, after deducting the decrease in its value due to wear and tear or use.

 

Replacement Value

For the Building, this means the cost of rebuilding the Building in the same way, size, style and appearance, if it were new. For Machinery and Tools or Furniture and Equipment, this means the cost of replacing them with new of the same similar type or specifications.

 

Real Value of Stock and Raw Materials, Furniture and Equipment, Machinery and Tools

The value of replacing Stock and Raw Materials, Furniture and Equipment, Machinery and Tools, with new, of the same type or specifications, after deducting the decrease in their value due to wear and tear or use and/or technological or commercial or any other depreciation.

 


Stock and Raw Materials

Stock, ready-made or in progress, as well as raw materials, packing and advertising material, belonging to you excluding Articles in the Open, unless referred to in the Proposal and/or the Schedule, under a separate sum insured.

Schedule

The document which includes among other things, information about you, the insured property, the Period of Insurance, the Sections of the Policy Booklet and any Warranties or Additional Clauses which are applicable. The Schedule forms part of the Policy and you can see it on the last page. We shall issue a new Schedule upon any amendment of the Policy.

Short circuit

Destruction or damage to any part of the electrical installation or any electrical or electronic device, arising from or occasioned by mechanical damage, over-running, overloading, short circuit, overheating, excessive pressure, arcing or leakage of electricity, malfunctioning of measuring, timing or security instruments, unless fire is caused as a result of the above.

Type of Business/Trade

The type of your business or trade and/or the use of the Building stated in the Schedule.

 

Underwriter - The individual trained in evaluating risks and determining rates and coverages for them. Also, an insurer.

Underwriting - The process of selecting risks for insurance and classifying them according to their degrees of insurability so that the appropriate rates may be assigned. The process also includes rejection of those risks that do not qualify.

 

Unoccupied/Not in Use

The contents or the Building described in the Schedule, where your Type of Business or Trade is roofed, which is not in active use or remains without the presence of persons for a period of more than 30 consecutive days.

 

Warranty

A condition which must be fully complied with and observed strictly and literally by you. You will be forfeited of any right of indemnity under the Policy, in case of any breach of a Warranty.

 

Your Family
Your spouse, children and parents.

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